Among the 100 largest public pensions, a third have reduced their interest rate assumptions.
That’s according to Milliman’s 2017 Public Pension Funding Study, which also finds that there’s a 79-basis-point gap between the sponsor-reported discount rate and independently-determined rate assumptions—indicating that further reductions are likely.
Based on information that was reported by the plan sponsors at their last fiscal year ends—for most, June 30, 2016—the study finds that plan assets were still showing the effects of market downturns in 2014–2015 and 2015–2016.
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